RIYADH, Saudi Arabia — Saudi Crown Prince and Prime Minister Mohammed bin Salman has assured Nigeria of robust support for its economic reforms following a meeting with Nigerian President Bola Ahmed Tinubu on Monday. The leaders discussed bilateral cooperation on the sidelines of the Arab-Islamic Summit, according to a statement by Bayo Onanuga, Special Adviser to the Nigerian President on Information and Strategy.
The discussions covered potential joint initiatives in oil and gas, agriculture, infrastructure, and the establishment of a Saudi-Nigeria Business Council. Prince Mohammed praised President Tinubu’s economic initiatives, drawing parallels to Saudi Arabia’s efforts under his leadership to bolster national stability and development.
“The Crown Prince expressed confidence in the strategic direction of Nigeria’s economic reforms,” Onanuga said. “He committed to mobilizing his team to actualize these goals in partnership with Nigeria.”
Nigeria seeks to solidify a $5 billion bilateral trade facility with Saudi Arabia, a move aimed at strengthening economic ties between the two nations. Saudi Arabia’s Agricultural and Livestock Investment Company (SALIC) had already invested $1.24 billion in 2022 to acquire a 35.43% stake in Nigeria’s agricultural giant, Olam Agri, with intentions to expand its involvement.
The Arab-Islamic Summit also renewed the mandate of Nigeria and other member states on the Joint Ministerial Committee, formed to seek solutions to the ongoing Gaza and Lebanon crises. The committee, led by Saudi Arabia, includes foreign ministers from Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan, and has been tasked with expanding efforts to engage the Global South and end the hostilities.
In a final resolution, the summit condemned recent military actions in northern Gaza, describing them as “crimes of genocide,” while reiterating support for a sovereign Palestinian state with East Jerusalem as its capital. The summit also welcomed a tripartite mechanism among the League of Arab States, the Organisation of Islamic Cooperation (OIC), and the African Union to advance the Palestinian cause and ensure Lebanon’s stability.
President Tinubu was joined by senior Saudi officials, including the Minister of National Guard, Prince Abdullah bin Bandar, and the Minister of Defense, Prince Khalid bin Salman, underscoring the deepening diplomatic and economic relationship between Nigeria and Saudi Arabia.
